Kolek planning to go pro
There will be a wealth transfer of a different kind when we boomers start kicking off at a bigly clip. Though this nugget was in the article:A survey from Alliant Credit Union finds that half of millennials think they’re inheriting at least $350,000 from their parents, while half of boomers report say they’ll give away less than $250,000.
Like everything else they've done in their lives, on this issue Boomers will certainly leave younger generations disappointed.
Funny and true.Also, I think people severely underestimate late life expenses. It's a race to see how fast you can end up on Medicaid.
My brother in law’s mother is in a memory care facility, thank God she has awesome insurance to offset a big chunk of the expenses, but rate card is something like $18K a MONTH.
That's tough to stomach. So many families could not afford that. Additionally, I don't think enough families discuss their financials, the drawdown period of their life, and then costs associated with senior apartment living through end of life care. People really just *hope* they're going to have enough to retire.Without going into the ~$5-$10k/mo for my grandma's continuing care facility, she had to pay a buy-in fee of something like $200k just to get the opportunity to pay them that $5-$10k/mo. It makes sense that senior living centers don't want to start housing someone that's going to run out of money quickly, but realistically 70%+ of the US can't afford that. It my grandma's place nice? Yeah kinda, but it's not super nice. The nice part is that they have senior apartment living all the way through memory care.Maybe I don't need that gas station burrito for dinner.
I'd go higher. I don't think 95% of the US can afford that.
Lots of money to be made in elder care. Lots of subpar care for the prices charged. Lots of corners being cut. Lots of shareholders being enriched.
I agree the % of people who cannot afford proper elderly care is extremely high. $15k+ a month eats up a nest egg pretty quickly, especially with the unknown of how long that care is needed.
SkatastrophyI think it is a difficult discussion, but an important one to have within a family. For me, I am still at an age that I do not want to admit that I am getting close to having that discussion. Right now, the biggest discussion we are having is in regard to downsizing our home. My wife and I are torn on the topic and the grown kids are 100% against the idea. I have definitely let them sway my thinking quite a bit on the topic.
I have a worry about my parent's decision to downsize after seeing my grandma's decisioning of... delaying decisions. She kept the home until she couldn't physically upkeep it, and then kept it for three more years. It's emotionally hard to front-run our physical decline in our later years, but seeing my grandma having to suddenly move out of her family home that had fallen into disrepair was heartbreaking and traumatic for her. She couldn't help with moving/downsizing, either, and even her mental faculties made it take 10x longer when she had to decide what she kept and what she got rid of.I don't know the right time to take action on downsizing. I've moved around so much my whole life it's pretty easy to just move and get rid of stuff, so I don't have much helpful input for my parents. Also, I live in a major urban area with great access to smaller properties and excellent healthcare, whereas my parents like living on their larger property up by Colgate where there's no real healthcare access and grocery stores are miles away. It's hard for them to imaging living somewhere densely populated. I don't know how they're going to deal with moving to senior apartment living, since that's basically dorms for the elderly.IMO they should get a condo in an elevator building in a walkable neighborhood with plenty of rideshare access to live out the next couple of decades. I feel like they might live on their semi-rural property until something terrible happens, though.